I',m pretty certain they have other stuff on their mind, and other problems too. If anything, FCA would have the least sense, as they have Jeep as a more or less direct RR rival, Alfa/Maserati to rival Jaguar and the 3rd world Fiats to rival any Tata, also in terms of unattractive proportioned vehicles. Even if, my fear with a FCA would not be unattractive Jags or Range Rovers (IMO most newer FCA cars look rather good), but the daily changing 5 year plans that would eventually see the first new Jaguar by the year 2048 or so....

I'm actually surprised that Hyundai/Kia isn't keen on a premium brand (because, let's face it, it will be a helluva job to make Genesis work on a global level, outside the US), or some Chinese giant (Volvo did work out well so far).

H-K did pursue Jaguar/Land Rover when Ford had them up for sale and it even looked like a purchase would happen, but Jaguar was a turd in a punch bowl then and Land Rover needed a massive investment, so H-K passed.

These days Land Rover / Range Rover is strong, but arguably they have too many overlapping models. Jaguar is still the iffy with three sedans that do not sell, an overpriced sports car, and the only semi-bright spot is the F-Pace which isn't a runaway segment hit.

H-K is better off with Genesis that will easily outsell Jaguar in the US market, so they don't need a "Cadillac" to reinvent.

I suspect that H-K will buy Jeep and Ram from FCA when the inevitable implosion happens.

Again, JLR isn't part of this. The discussion is for Tata Motors, part of the Tata Group of companies, which includes everything from heavy trucks and machinery to the world's most luxurious hotel chain. JLR is actually on the same level within the organization as Tata Motors--not a subsidiary of that company.

Inevitably, in order to get someone to buy a company that builds crap like Indian Tatas, the deal will have to be sweetened. That means putting JLR on the table. There is no profit to be had from Tata and massive investment will be needed for an outside chance at success. Taking on a money loser and pouring billions into to it it pointless without something that generates a profit to offset the investment.